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Central Problem of Economics · CAPE Economics Unit 1

34 past-paper questions on Central Problem of Economics, part of Methodology: Demand and Supply, from every CAPE Economics Unit 1 paper on Quelpr.

Practise Central Problem of Economics
  1. 1(a)1 mark· CAPE Economics Unit 1 · 2005 · Paper 1State ONE reason why making economic choices is necessary.
  2. 1(b)3 marks· CAPE Economics Unit 1 · 2005 · Paper 1State THREE fundamental questions that must be addressed when determining what goods and services to produce.
  3. 1(c)2 marks· CAPE Economics Unit 1 · 2005 · Paper 1Identify the opportunity cost of choosing to read email messages rather than studying, and briefly explain your reasoning.
  4. 2(a)3 marks· CAPE Economics Unit 1 · 2005 · Paper 1Using the data in Table 1, plot the production possibilities frontier (PPF).
  5. 2(b)1 mark· CAPE Economics Unit 1 · 2005 · Paper 1Mark the coordinate (300, 300) on your drawn diagram.
  6. 2(c)1 mark· CAPE Economics Unit 1 · 2005 · Paper 1State why the point (300, 300) does not represent an efficient allocation of resources.
  7. 2(d)1 mark· CAPE Economics Unit 1 · 2005 · Paper 1Explain what the shape of the drawn PPF indicates regarding the opportunity costs of producing an additional unit of pineapples or mangoes.
  8. 1(a)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1Explain briefly why scarcity affects both the rich and the poor.
  9. 1(b)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1List TWO of the major choices that a country must make because of scarcity.
  10. 1(c)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1State the opportunity cost of building the third school.
  11. 1(d)4 marks· CAPE Economics Unit 1 · 2006 · Paper 2Identify one advantage and one disadvantage of the free market allocation of resources.
  12. 1(a)(i)12 marks· CAPE Economics Unit 1 · 2008 · Paper 2With the aid of a diagram illustrating education and medical services, explain what is meant by 'production possibilities frontier (PPF)'.
  13. 1(a)(ii)4 marks· CAPE Economics Unit 1 · 2008 · Paper 2State TWO assumptions upon which the PPF is based.
  14. 1(b)(i)6 marks· CAPE Economics Unit 1 · 2008 · Paper 2Scarcity
  15. 1(b)(ii)6 marks· CAPE Economics Unit 1 · 2008 · Paper 2Choice
  16. 1(b)(iii)6 marks· CAPE Economics Unit 1 · 2008 · Paper 2Increasing Opportunity Cost
  17. 1(d)(i)3 marks· CAPE Economics Unit 1 · 2008 · Paper 2Decrease in resources
  18. 1(d)(ii)3 marks· CAPE Economics Unit 1 · 2008 · Paper 2Improvement in technology
  19. 1(a)(i)4 marks· CAPE Economics Unit 1 · 2011 · Paper 2Draw and label a production possibility frontier (PPF) diagram.
  20. 1(a)(ii)a)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Using the PPF diagram, explain the concept of scarcity.
  21. 1(a)(ii)b)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Using the PPF diagram, explain the concept of choice.
  22. 1(a)(ii)c)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Using the PPF diagram, explain the concept of opportunity cost.
  23. 1(b)(i)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2State three assumptions underlying the production possibility frontier.
  24. 1(b)(ii)a)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Use the PPF diagram to distinguish the efficient level of production.
  25. 1(b)(ii)b)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Use the PPF diagram to distinguish the inefficient level of production.
  26. 1(b)(ii)c)3 marks· CAPE Economics Unit 1 · 2011 · Paper 2Use the PPF diagram to distinguish the unattainable level of production.
  27. 1(a)(i)2 marks· CAPE Economics Unit 1 · 2014 · Paper 2Define the term 'scarcity'.
  28. 1(a)(ii)3 marks· CAPE Economics Unit 1 · 2014 · Paper 2Draw and label a diagram of the production possibilities frontier (PPF) for Utopia.
  29. 1(a)(iii) a)5 marks· CAPE Economics Unit 1 · 2014 · Paper 2Using the PPF from (a)(ii), explain how the concept of opportunity cost relates to the problem of scarcity.
  30. 1(a)(iii) b)3 marks· CAPE Economics Unit 1 · 2014 · Paper 2Using the PPF from (a)(ii), explain how economic growth can be achieved in Utopia.
  31. 1(b)(i)4 marks· CAPE Economics Unit 1 · 2014 · Paper 2State TWO differences between a 'command economy' and a 'free market economy'.
  32. 1(b)(ii)8 marks· CAPE Economics Unit 1 · 2014 · Paper 2Given the disadvantages of a centrally planned economy, discuss TWO possible economic reasons for the collapse/downfall of this type of economic system over the past three decades.
  33. 1(b)(i)5 marks· CAPE Economics Unit 1 · 2017 · Paper 2Explain, with the aid of a PPF diagram, the concept 'opportunity cost'.
  34. 1(a)4 marks· CAPE Economics Unit 1 · 2021 · Paper 2Define the term 'production possibility frontier' and state how it illustrates the concept of scarcity.

Related topics in Methodology: Demand and Supply